Publish Date: 07/03/2019
Phishing is fast becoming one of the leading examples of fraud in South Africa- no financial institute or individual is immune. According to data collected over 8 months in 2018 by the South African Banking Risk Information Centre (SABRIC), internet banking fraud now makes up 55% of all fraud occurring through banks amounting to a R250 million loss over this period.
Defined as “when criminals use a form of electronic communication to try and extract sensitive information like usernames, passwords and credit card details”, phishing scams were brought to light again in a recent exposé on Carte Blanche.
Although you may be aware of some phishing scams and would not normally give out important information, fraudsters are so believable that unsuspecting customers honestly believe they are speaking to a credible source from their bank or another trusted institution. By the time they realise they have been scammed, it is in most cases too late because they would have already disclosed personal information.
As a result, it’s important to, now more than ever, note and apply these tips in ensuring your information is protected and you do not become a victim of phishing.
If you do get caught and believe your information has been compromised, change your internet banking credentials immediately and advise the bank accordingly.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.